NOTES TO FINANCIAL STATEMENTS
investment transactions. Accordingly, no provision for federal income or excise tax is necessary.
D. EXPENSES The Fund bears all costs of its operations other than expenses specifically assumed by Citibank
and CFBDS. Expenses incurred by the Trust with respect to any two or more funds or series are allocated in
proportion to the average net assets of each fund, except when allocations of direct expenses to each fund can
otherwise be made fairly. Expenses directly attributable to a fund are charged to that fund. The Fund's share of
the Portfolio's expenses are charged against and reduce the amount of the Fund's investment in the Portfolio.
E. DISTRIBUTIONS Distributions to shareholders are recorded on ex-dividend date. The amount and character
of income and net realized gains to be distributed are determined in accordance with income tax rules and
regulations, which may differ from generally accepted accounting principles. These differences are attributable to
permanent book and tax accounting differences. Reclassifications are made to the Fund's capital accounts to
reflect income and net realized gains available for distribution (or available capital loss carryovers) under income
tax rules and regulations. For the year ended October 31, 1999, the Fund reclassified $1,917,877 from
accumulated net gains on investments to accumulated net investment loss.
F. CHANGE IN FISCAL YEAR END During fiscal year 1997, the Fund changed its fiscal year end from
December 31 to October 31.
G. OTHER All the net investment income, realized and unrealized gain and loss of the Portfolio is allocated pro
rata, based on respective ownership interests, among the Fund and the other investors in the Portfolio at the time
of such determination. Investment transactions are accounted for on the trade date basis. Realized gains and
losses are determined on the identified cost basis.
2. MANAGEMENT FEES Citibank is responsible for overall management of the Fund's business affairs, and